Solid Power reports 28.9% revenue increase in 2021

LOUISVILLE — Solid Power Inc. (Nasdaq: SLDP), a company that manufactures all-solid-state lithium-ion batteries, reported a 28.9% year-over-year increase in revenue for the 2021 fiscal year, from $2.1 million to $2.71 million.

Operating expenses more than doubled, from $13.6 million to $29.2 million. Solid Power brought in $12.6 million in net income attributable to common stockholders, compared with a $14.3 million loss in 2020. 

Solid Power is a research-and-development stage company. According to its 10-K filing with the Securities and Exchange Commission, it plans to commercialize its batteries by 2028.  

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“2021 was a transformational year for Solid Power, highlighted by key operational and strategic successes that accelerated the company’s growth potential,” said Doug Campbell, CEO of Solid Power, in a prepared statement. “Having secured substantial funding, we are focused on executing on our development roadmap while putting into place key operating capabilities to produce full-scale all-solid-state EV battery cells for our partner’s automotive qualification processes. We are also strengthening our team and processes to ensure our governance and operations reflect our high standards while we deliver value to our stakeholders.”